October 31, 2024. The rating agency highlighted that the first round of Uruguay's presidential elections held on October 27 did not produce any winner and voters rejected two plebiscites, including one that would have reversed the social security reform. Moody's maintained the fiscal deficit projection of 3.1% of GDP in 2024 and 2.9% of GDP in 2025.
Its robust institutional strength and strong growth prospects support Uruguay's credit profile. Economic growth in 2022-24 will outpace the weak growth in 2015-19. Improved fiscal and monetary policy frameworks contribute to sound macroeconomic policies and support the sovereign credit profile.
The credit profile of Uruguay is supported by its robust institutional strength and stronger growth prospects. Economic growth in 2022-24 will outpace the weak growth in 2015-19. Improved fiscal and monetary policy frameworks contribute to sound macroeconomic policies and support the sovereign credit profile.
March 15, 2024, Moody's agency upgraded Uruguay´s long-term issuer credit rating to Baa1 from Baa2, with stable outlook. This action was supported by institutional stability that underpins the implementation of structural reforms and compliance with fiscal and monetary policy frameworks. The agency highlighted inflation´s downward trajectory, the stability of the Debt/GDP ratio and the significant foreign investment inflows, aspects that support sustained economic growth over time.
The key drivers of the rating decision were the strong institutions and governance delivered effective policy response to shocks, strengthening policy frameworks and providing track record of successful fiscal policy implementation. Also because of prospects of better growth performance and continued commitment to the fiscal rule will support a reduction of the government debt burden.
The credit profile of Uruguay reflects a strong institutional framework that reinforces political and social stability and makes the country an attractive destination for foreign direct investment (FDI). Comparatively large fiscal reserves and external buffers, and very strong asset-liability management practices also support creditworthiness.
The credit profile of Uruguay is supported by its robust institutional strength. Economic growth in 2021-22 will exceed the weak growth in the 2015-19, allowing GDP to return to pre-pandemic levels in 2022. Prudent fiscal management is supporting the strengthening fiscal policy credibility.
The credit profile of Uruguay is supported by its high institutional strength. While Uruguay has relatively high income levels, growth was already weak in the years preceding the pandemic-induced recession in 2020. Consequently, debt metrics deteriorated in recent years. In the context of the pandemic, the government is implementing a reform agenda to address structural challenges.
August 10th, 2021. Moody´s affirms Uruguay´s Baa2 ratings; mantains stable outlook.
The credit profile of Uruguay is supported by its moderate economic and institutional strength. Uruguay has relatively high income levels and a growth potential of about 2.5%. Growth has been weak in recent years and we forecast a coronavirus-induced recession in 2020.
The credit profile of Uruguay reflects a strong institutional framework that reinforces political and social stability and makes the country an attractive destination for foreign direct investment (FDI).
The credit profile of Uruguay (Baa2 stable) reflects a strong institutional framework that reinforces political and social stability and makes the country an attractive destination for foreign direct investment (FDI).
6th August 2019 - Moody's affirms Uruguay's Baa2 ratings; maintains stable outlook
The credit profile of Uruguay is supported by moderate economic and fiscal strength. Uruguay has relatively high income levels and a growth potential of about 3%. Although growth rebounded to 2.7% in 2017 after two years of weak economic activity, we expect GDP to weaken in 2018-19.
The credit profile of Uruguay is supported by moderate economic strength, which is reflected by the country's relatively high income levels and growth potential of about 3% over the medium term. After two years of weak economic performance, we expect growth to rebound in 2017-18.
Uruguay's Baa2 sovereign rating is supported by a strong institutional framework that reinforces political and social stability and makes the country an attractive destination for FDI. The ongoing economic recovery will support the government's fiscal consolidation efforts.
13th July 2017 - Moody's changes outlook on Uruguay's Baa2 rating to stable from negative; rating affirmed.
Uruguay's Baa2 sovereign rating is supported by large fiscal reserves and external buffers, moderate central government debt burden and very strong liability management practices also support creditworthiness.
22 June 2016 - Moody's affirmed the government of Uruguay's Baa2 government bond ratings and changed the outlook to negative from stable.
Uruguay's Baa2 sovereign rating is supported by a strong institutional framework that reinforces political and social stability and makes the country an attractive destination for foreign direct investment (FDI).
Uruguay's sovereign rating of Baa3 carries a positive outlook to reflect a steady improvement in the government's credit profile that has led to a gradual convergence of its fiscal metrics with Baa peer medians, in addition to significant strengthening of the government's balance sheet and reduced vulnerabilities to regional shocks.
21 May 2015 - Moody's affirmed Uruguay's Baa2 government bond ratings and stable outlook.
29 May 2014 - Moody's upgraded Uruguay's government bond rating to Baa2 from Baa3, and assigned a stable outlook to the Baa2 rating.
Uruguay´s sovereign rating was upgraded to Baa3 from Ba1 in July 2012, with a positive outlook, to reflect a steady improvement in the government´s credit profile that has led to a gradual convergence of its fiscal metrics with Baa peer medians.
Uruguay´s sovereign ratings were upgraded to Ba1 last December to reflect steady improvement in debt and fiscal indicators, clear signs of policy continuity, and prospects for sustained economic growth in a context of macroeconomic stability
31 July 2012 - Moody's upgraded to Baa3 from Ba1 the government of Uruguay local- and foreign-currency bond ratings. The outlook remains positive.
26 January 2012 - Moody's Investors Service has revised its rating outlook to positive from stable for the Ba1 rating of the government of Uruguay.
10 December 2010 - Moody's upgraded to Ba1 from Ba3 the government of Uruguay local- and foreign-currency bond ratings. The outlook remains positive.
15 July 2010 - Moody's placed the government of Uruguay Ba3 local- and foreign-currency bond ratings on review for possible upgrade.
